Page:United States Statutes at Large Volume 62 Part 1.djvu/1239

 62 STAT.] 80TH CONG. , 2D SESS.-CH. 784-JULY 1, 1948 Association shall be subject to State, Territorial, county, municipal, or local taxation to the same extent according to its value as other real property is taxed. "MANAGEMENT OF ACQUIRED PROPERTIES "SEC. 305. The Association shall have power to deal with, rent, reno- vate, modernize, or sell for cash, with a view to assuring a maximum financial return to the Association, any property acquired by it as a result of foreclosure proceedings or otherwise. "LIQUIDATION 1209 "SEC. 306. The Administrator shall have power to terminate the existence of the Association and order its liquidation and the winding up of its affairs whenever the Administrator determines, in his judg- ment, that the need therefor no longer exists. The Association shall Report to Congress. make a report of its activities to the Administrator in January and July of each year for the preceding six months' period, which report shall be transmitted to the Congress, together with the Administrator's recommendations thereon." SEc. 2. Nothing in the amendment made by the first section of this Act shall limit the authority of the Federal National Mortgage Asso- ciation to service or sell any mortgage purchased prior to the date of the enactment of this Act, or to purchase, service, or sell any mortgage with respect to which a commitment to purchase was made prior to the date of the enactment of this Act. SEC. 3 . Section 4 (c) of the Reconstruction Finance Corporation Ante p.2 Act, as amended, is hereby amended by striking out "$1,500,000,000" and inserting in lieu thereof "$2,000,000,000". SEC. 4. Section 4 of the Reconstruction Finance Corporation Act, as Ant, p. 263 . amended, is hereby amended by adding at the end thereof a new sub- section reading as follows: "(h) The Corporation may subscribe for the nonassessable stock of Nonasesabe tock. the Federal National Mortgage Association: Prvided,That the total face amount of stock so subscribed for and held by the Corporation shall not exceed at any one time $20,000,000." SEC. 5. The Servicemen's Readjustment Act of 1944, as amended, is ,18t l . t 24; 59 stat. hereby amended by inserting immediately after section 510 thereof the 38 U. . sc. i 93- following new section: q;.upp. 1 6 Ante, pp. 160, 161, "INCONTESTABILITY 4;p it, P. 1275 . "SEC. 511. Any evidence of guaranty or insurance issued by the Administrator shall be conclusive evidence of the eligibility of the loan for guaranty or insurance under the provisions of this title and of the amount of such guaranty or insurance, except that nothing in this section shall preclude the Administrator from establishing, as against the original lender, defenses based on fraud or material mis- representation, and except that the Administrator shall not, by reason of anything contained in this section, be barred from establishing, by regulations in force at the date of such issuance or disbursement, which- ever is the earlier, partial defenses to the amount payable on the guaranty or insurance." SEC. 6. Section 207 (c) (2) of the National Housing Act, as amended, is hereby amended as follows: (1) By striking out the semicolon and the word "and" at the end of paragraph numbered (2), inserting in lieu thereof a colon, and adding the following new proviso: "And provided further, That, not- withstanding any of the provisions of this paragraph (2), a mortgage with respect to a project of a nonprofit cooperative ownership housing 53 Stat. 807 . 12U. S.C.§ 1713(c) (2). Post, p. 1273. Nonprofit oopera- tive ownership proj- ect.

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